ZEC Crashes 22% as Traders Bleed, Analyst Targets Sub

Key Notes

ZEC plunged nearly 22% in one day and lost a long-term trendline.

A major long position worth $7.3M now sits on over $4.4M in unrealized losses.

Analyst Crypto Patel warns ZEC may eventually fall below $200.

Zcash ZEC $364.4 24h volatility: 20.0% Market cap: $5.99 B Vol. 24h: $1.10 B recorded a whopping 22% fall within a single day, as prices dropped toward the $360 zone. The crash put pressure on traders who entered aggressive positions at higher levels and turned what once looked like a breakout to $10,000 into a deep correction.

A notable wallet that opened a massive long position of 20,386 ZEC ($7.3 million) only nine days earlier is now deep under water, locked in $4.4 million of unrealized losses. As per Lookonchain, to avoid liquidation